Cross IPO: Cross Limited’s IPO has received a great response from investors. Now the listing of the company’s shares is going to happen tomorrow i.e. on 16th September. This public issue has been subscribed a total of 16.69 times. Talking about the grey market, here too this IPO is getting positive signals. This IPO was open for subscription from 9-11 September. A price band of Rs 228-240 per share was fixed for the issue. The company intends to raise Rs 500 crore through the IPO.
Latest grey market update on Kross IPO
A day before the listing, i.e. today on 15 September, this IPO is getting positive signals from the unlisted market. This issue is trading at a premium of Rs 24.50 today. According to this, the company’s shares are likely to be listed at a price of Rs 264.5.
If this happens, investors will get a profit of 10.21 percent. However, keep in mind that the gray market situation keeps changing constantly. According to InvestorGain, the minimum GMP of cross IPO is ₹ 0, while the highest GMP is ₹ 50.
Kross IPO: Subscription related details
This IPO has received bids for a total of 25.61 crore shares while there are 1.53 crore shares on offer. The portion of qualified institutional buyers (QIB) has been subscribed 23.32 times. Apart from this, the portion of non-institutional investors has been subscribed 22.20 times and the portion of retail investors has been subscribed 10.53 times. Thus, the total IPO has been subscribed 16.69 times.
Kross’s business
Jharkhand-based Cross Limited manufactures forged and precision machined high performance safety critical parts for the medium and heavy commercial vehicle (M&HCV) and farm equipment segments. The Rai family-owned firm competes with listed companies such as Automotive Axles, GNA Axles, Ramkrishna Forgings, Jamna Auto Industries and Talbros Automotive Components. The company garnered nearly 89 per cent of its business from the M&HCV segment and 9 per cent from the farm equipment division.
Cross Limited’s financial performance has been strong over the past years. The company’s net profit grew 45.1 per cent to Rs 44.9 crore in FY24. Its revenue grew 27 per cent to Rs 620.3 crore over the previous year. The company’s EBITDA grew 40.4 per cent to Rs 80.8 crore for the year ended March 2024. Margins increased 120 bps to 13 per cent as compared to FY23.
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